Chinanews.com, November 29th (Chinanews Finance and Economics reporter Zuo Yukun) The recent positive real estate market has ushered in five consecutive optimization measures.
On the evening of the 28th, the China Securities Regulatory Commission announced the adjustment and optimization of five measures in terms of equity financing to support the stable and healthy development of the real estate market, which was interpreted by the industry as the "third arrow" to support the financing of real estate companies.
Data map: Zhujiang New Town, Guangzhou.
Photo by Cheng Jingwei
The "Third Arrow" officially landed
At the annual meeting of the Financial Street Forum held not long ago, Yi Huiman, chairman of the China Securities Regulatory Commission, expressed the policy attitude of the capital market to support the stable and healthy development of the real estate market.
This time, the China Securities Regulatory Commission clarified specific policies and measures to support equity financing of real estate companies, including resuming mergers and acquisitions and supporting financing of listed real estate companies, resuming refinancing of listed real estate companies and listed real estate companies, and adjusting and improving real estate companies listed in overseas markets. Policies should be adopted to further play the role of REITs in revitalizing the stock assets of real estate companies, and actively play the role of private equity investment funds.
"This marks the official landing of the 'third arrow' and supports the 'three arrows' of real estate financing." Liu Shui, research director of the Enterprise Business Department of the Middle Finger Research Institute, pointed out that the "first arrow" of loan financing and bond financing " The "second arrow" has landed, supporting corporate equity financing as the "third arrow", and the resumption of non-public refinancing of listed real estate companies and real estate-related listed companies marks the official landing of the "third arrow".
"Steady progress on the financial side is an important measure to ensure the stable development of economic construction and effectively prevent and resolve risks in the real estate market." Zhang Bo, director of the branch of 58 Anju Guest House Property Research Institute, believes.
Zhang Bo said that in the face of the increasingly uncertain external environment and the downward pressure on the real estate market, the "second arrow" has been intensively landed this month, but it is still difficult for the real estate industry to get through quickly by relying on debt financing alone. difficulties.
The "third arrow" is of great significance to real estate companies. Through the use of equity financing, it will effectively promote real estate companies to solve their funding problems.
Data map: A real estate in Wuxi.
Photo by Sun Quan
Two "recoveries" have become important concerns
Among the five measures, "resume mergers and acquisitions and supporting financing of listed real estate companies" and "resume refinancing of listed real estate companies and listed real estate companies" have received particular attention.
"Restarting the reorganization and listing work is the key move for real estate companies to deal with the excessive debt in stock, and it will help to truly resolve the backlog of debt problems since the second half of last year." said Yan Yuejin, Research Director of the Think Tank Center of E-House Research Institute.
"The resumption of mergers and acquisitions and supporting financing of real estate-related listed companies clarifies the implementation of loose policies for the reorganization and listing of real estate companies, especially when it comes to issuing shares or paying cash to purchase real estate-related assets. This is good news for current problem companies and high-quality real estate companies." Yan Yuejin believes that problematic companies can use this kind of restructuring and listing to straighten out their debt relationships, while high-quality real estate companies have the opportunity to acquire or control such companies.
Regarding the resumption of refinancing of listed real estate companies and real estate-related listed companies, Yan Yuejin explained that refinancing is a new financing method after the IPO of listed companies, which is different from the current model similar to the "second arrow" launched by the Dealers Association. .
Real estate companies obtain non-public financing methods, which help to find investors in a targeted manner, avoiding the embarrassment of insufficient financing faced by public debt issuance before.
Zhang Bo also pointed out that from the perspective of specific implementation, it is more flexible to allow listed real estate companies to raise funds in a non-public manner. For debt repayment, this approach will be very direct in alleviating the debt pressure of real estate companies.
Data map: A building sand table displayed by a commercial housing sales center in Zhengzhou.
Photo by Han Zhangyun
Will speed up the resolution and effectively prevent real estate risks
The policy clearly stipulates that the raised funds shall be used for the real estate business supported by the policy, including real estate projects related to "guaranteed building delivery and people's livelihood".
Yan Yuejin believes that in the past, there were credit, bond financing and special funds as support, and the current refinancing policy can add new sources of funds for these real estate companies.
Liu Shui also believes that this will speed up the restructuring of listed real estate companies, the resolution of real estate risks, and the clearing of real estate risks.
At the same time, the policy proposes to adjust and improve the listing policy of real estate enterprises in overseas markets.
The refinancing of H-share listed companies whose main business is real estate is resumed, and the refinancing of other real estate-related H-share listed companies resumes non-real estate business.
Liu Shui believes that this shows that the regulatory authorities support the refinancing of H-share listed real estate companies, ease the liquidity tension of real estate companies, and prevent the risks of real estate companies from continuing to expand.
Industry analysts also pointed out that there are other bright spots in the policy.
For example, in terms of reorganization and listing, the integration of "same industry, upstream and downstream" is mentioned, which will accelerate the integration of real estate companies with upstream and downstream construction companies, decoration and other enterprises; further play the role of REITs in revitalizing the stock assets of real estate companies, expand the financing methods of real estate companies, and help It can also play a positive role in resolving the debt problems of real estate companies faster and better, and promoting the rapid improvement of the capital status of real estate companies by playing the role of private equity investment funds.
"Compared with the 'second arrow', the 'third arrow' has the advantage that it will not directly increase the debt scale of real estate companies, and at the same time, it can still provide sufficient channels for financing for real estate companies." Yan Yuejin said.
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